TRENDSPOTTING
On Our Radar
MILLENNIAL SHOPPING HABITS
the “it” generation, born between 1982 and 2000 (according to the U.S. Census Bureau), millennials have recently surpassed the behemoth baby boomers as the largest generation yet. In addition, by 2017 the millennials will have more spending power than any other age group.
That rings in to the tune of more than $200 billion annually, starting in 2017. Which is exactly why all the fuss surrounding the “me” generation.
As a result, companies are tailoring specific products and experiences to this young and powerful group. Millennials also display some distinctive and thoroughly modern shopping habits, which have come to the fore via recent research.
One of the big trends? Video. In fact, 80% of millennials consider video content when researching a purchase decision. In addition, a full 60% of millennials prefer to watch a company video over reading a company newsletter.
Are you talking to this market in its own language? —E.M.
83.1 million
Total U.S. millennials (1/4 of the population)
76%
Percentage of millennials who follow brands on YouTube
78% + 55%
Millennials who engage with friends on Instagram and Snapchat, respectively, when making shopping decisions
59%
Percentage of millennials who primarily shopped in-store for back-to-school purchases in 2015
Sources: U.S. Census Bureau, Teen Vogue IT Girl Panel, and Animoto
Case in Point. Products targeted specifically to millennials’ needs and wants are on the rise. Essilor recently debuted Eyezen glasses (shown here), an everyday pair of glasses that provides comfort and protection for millennials, who spend an abundance of time on smart phones, tablets, and computers. EyezenUSA.com
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